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Economists and politicians is that they re sort of command-only economists demand-only. they re keynesians. they think the only thing that matters is demand, and you can do whatever you want after that. if supply doesn t keep up with demand, then you get inflation. that s why in an interview i did last may which you talked about before, i said i m 100% sure inflation is going to be 7% this year, and that was last year. and then when, you know, i talked to you about this over the fall, i say said i m 100% we re going to 10% inflation, did i not? [laughter] paul: i remember, yes. and right now we re at 11% inflation. the 8.5, don t forget, is looking back over the the last 12 months. if you take the current number and annualize it, you re looking at about 14% inflation if this momentum continues. so we have absolutely let the cat out of bag, and it s time for policy to do something. but this is, again, like going back to econ 101 which i don t ....
Really as committed to dismantling government as their rhetoric suggests. modern right announced its arrival by nominating barry goldwater for president in 1964. he endured one of the worst general election beatings in history that fall. four years late, richard nixon created a winning coalition that came to define the modern conservative movement in the republican party. white southerners, blue color white ethnics in the north and what he called the silent majority, the predominantly white middle class. nixon appealed to the coalition social conservatism, he channeled their cultural angst, when it came to governing, he fell far short of the right s goldwater ideal. wage and price controls, the epa, universal health care plan, a call for a living wage, nixon is the president who said we re all keynesians now. no wonder why on the occasion of his birthday this year, national review asked of nixon, was he america s last liberal? and there was ronald reagan, a more authentic goldwater rep ....
Keynesians who don t like the idea of immediate spending balances, entitlement reform is the out years, the way we ve proposed doesn t affect current seniors. let s nail down some entitlement reforms that gets this debt under control, that will help us grow the economy today. because it snows future is more reliable and stable and let s clean up this tax system. those are the things that we re saying we want as part of a comprehensive budget agreement which is what we re shooting for this fall. we ll see if we get it. he looks good. he does. had a rough year. are you happy? i am a happy person. you know why? because i married the love of my life and three great kids. that keeps me centered and happy. no matter what they throw at me i m a happy person. a lot has been thrown at you. one word answers. best thing working in congress, worst thing. you can make a difference in people s lives. worst thing, a lot of people lie. yeah. don t they? lie. you see that a lot. loo ....
On. this week the imf actually urged the british government to delay its plans to cut spending and raise taxes and instead to borrow and spend money on infrastructure. i think the data now is increasingly convincing that the keynesians have been right. cutting spending in the kind of recession we ve gone through will only hurt growth, not help it. since i have been long advocating large investments in areas like infrastructure, job training, and science, i m delighted. and yet it s too soon to celebrate. because spending on its own is not enough either. in order to ensure sustained growth in the long run, countries also need to engage in what economists call structural reforms, lowering tariffs, opening up protected industries, making it easier for new businesses to start up, streamlining regulations. in japan, for example, agriculture is so inefficient because it s rice 235r78ers are ....